Amazon CEO Buys Washington Post $250M

The news was announced overnight in the US at a meeting of Washington Post staffers.

Jeff Bezos, the multi-millionaire CEO and founder of Amazon, is buying the Post as an individual, as well as affiliated organisations.

Bezos' Internet brainchild Amazon, who has made millions from e-books, Kindles and online video streaming, has nothing to do with the sale.

Bezos himself will buy the organization and become its sole owner, reports the Post.

The move ends ownership of the respected US newspaper by the Graham family, who sung Bezos' praise in a statement.

In a letter to Post staff, the 49 year-old Internet entrepreneur moved to reassure employees in a statement, although did admit there will be some changes under his ownership.

Image credit: Business Insider

"The values of The Post do not need changing. We will continue to follow the truth wherever it leads, and we'll work hard not to make mistakes," said Bezos.

But, he added: "There will of course be change at The Post over the coming years. The Internet is transforming almost every element of the news business: shortening news cycles, eroding long-reliable revenue sources, and enabling new kinds of competition, some of which bear little or no news-gathering costs.

The Amazon founder also confirmed he "won't be leading The Washington Post day-to-day. I am happily living in "the other Washington" where I have a day job that I love."

Donald E. Graham, CEO of The Washington Post, said "Jeff Bezos' proven technology and business genius, his long-term approach and his personal decency make him a uniquely good new owner for the Post.

"I, along with Katharine Weymouth and our board of directors, decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post.